Value of statistics to business and population vs sample
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Can someone please provide some assistance with these questions. It's for an MBA course. The Maximum number of characters it can be is 60,000 for each question. There are two questions. The questions are: Explain the importance of statistics in business..? What is the difference between a population and a sample? Please see attached for information on how to better assist me. I have attached class notes that can be used for the posts that I send you this week. I hope they help. The book we are using is called Statistics, Data Analysis, and Decision Modeling, 5/E..James R. Evans
ISBN-10: 0132744287 ISBN-13: 9780132744287
Thank you so much for your help. I really really appreciate it.
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Solution Summary
An explanation of why statistics are important to business and the difference between population and sample.
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Explain the importance of statistics in business..?
Statistics allow a company to use hard facts in the form of data to answer business questions. The statistical analysis can involve categorizing populations to understanding relationships between the variables that can affect a business and therefore the business decision. By using the population (the whole group) a company can determine the effect of a decision on the entire population. For example, a population is not necessarily human, but can be parts, product units, packages, etc. The ability of a company to analyze in this manner is a key to making decisions for ...
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